After embedding blockchain into its digitalization plan, China’s capital, Beijing, is keen to scale its Web3 investment with a new action plan.
According to local reports, Beijing is focusing on a two-year plan that will cause an increase in emerging technology adoption rates and infrastructure. Called Beijing Blockchain Innovation and Application Development Action Plan, local governments team up to achieve their list of Web3 goals.
The plan shows that the Beijing Municipal Science and Technology Committee will work with the Cyberspace Management Office and the Ministry of Commerce to realize its goals. The initiative will launch operations from mid-2025 to mid-2027 as other agencies were tapped to participate in the Action Plan.
The initiative advocates increasing funding for blockchain research, particularly in encryption, confidential computing, and distributed ledgers.
Furthermore, in a key part of the two-year plan, authorities focus on improving Beijing’s blockchain infrastructure. Authorities will work together to set up blockchain hub nodes, innovative distributed data directories, and blockchain-based evidence storage units across the country.
“The goal is to establish benchmark applications to optimize business processes, ensure reliable data sharing, innovate service models and encourage broader blockchain adoption,” read the report.
To achieve its target, Beijing authorities pledge capital injections of 100 million yuan ($14 million) per year. The fund turbo-charges Beijing and becomes the capital of mainland China’s blockchain, driving 10 groundbreaking Web3 outcomes over the next 24 months.
Apart from the initial focus on blockchain development in Beijing, the plan still has national Web3 ambitions. The initiative points out that profits earned over the next two years will be amplified in the rest of mainland China.
The new initiative follows a white paper released by Beijing authorities, which places blockchain at the heart of digital development plans. At the time, the white paper prioritized blockchain innovation after the country issued a blanket ban on digital currency.
In 2023, the city committed to training at least 10,000 engineers on blockchain to promote the digital revolution. Beijing is also leveraging other new technologies such as artificial intelligence (AI) and Internet of Things (IoT) technologies, increasing its workforce to respond to changes.
Mimos Berhad unveils blockchain infrastructure in Malaysia to trigger Web 3 adoption
Mimos Barhad, Malaysia’s National Center for Applied Research, has deployed plans to improve blockchain adoption indicators in Southeast Asia.
Mimos Berhad launched Malaysia’s Blockchain Infrastructure (MBI) and is leading the domestic Web3 innovation. Strategic initiatives are part of the government’s broader digitalization plan across all aspects of the economy.
Mimos Berhad’s MBI hosts a variety of blockchain-based services with national Malaysia outlook. The infrastructure supports Mydigitalid with Malaysian Web3, numerous distributed financial (DEFI) applications, and digital collectibles.
The core of MBI is support for a wide range of digital assets, allowing businesses and individuals to access security and interoperability perks. Details are still sparse, but there’s a chatter about MBI supporting Stablecoins, Central Bank Digital Currency (CBDC), and digital currencies.
Impossible tokens (NFTs) are said to change the digitally owned landscape of Malaysia. MBI is leaned to provide advanced support for collectibles. However, the report predicts that blockchain-based digital identity services will be the biggest use case for Mimos Berhad MBI.
Industry service providers are currently dabbing in several vertically-spanning potential use cases. The report points out that blockchain-based services powered by MBIs will debut in the supply chain, cryptocurrency management and identity management industries.
Apart from the above use cases, the national blockchain standard with the launch of MBI is expected to attract a wave of foreign investment in local ecosystems. The wave of foreign blockchain service providers is flooding in Malaysia, setting up shops in countries in Southeast Asia.
The report shed no light on the technical details behind MBI, but there is a talk about the project relying on homemade solutions with an eye on uniformity. Despite the lack of technical data, the report revealed that MIMOS BERHAD prioritizes MBI security standards and interoperability.
Increased winning streaks in blockchain-based use cases
The launch of Mimos Berhad’s MBI follows a series of blockchain use cases making their real-world debuts in Southeast Asian countries. In February, Malaysian anti-corruption agencies turned their eyes to blockchain and AI to curb fraudulent activities.
The country is also inching towards blockchain-based tokenization for settlements on the chain and verification of halal certificates.
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